The US stock market had an additional day of razor-sharp losses at the tail end of an already turbulent week.
The Dow (INDU) shut 0.9 %, or 245 points, reduced, on a second straight day of losses. The S&P 500 (spx) and The Nasdaq Composite (COMP) each completed down 1.1 %. It was the third working day of losses in a row for each of those indexes.
Worse nonetheless, it was your third round of weekly losses for the S&P 500 and also the Nasdaq Composite, making for his or her longest losing streak since October and August 2019, respectively.
The Dow was mostly horizontal on the week, but its modest eight point drop nonetheless meant it was its third down week inside a row, its most time sacrificing streak since October last year.
This rough plot began with a sharp selloff driven mainly by tech stocks, that had soared over the summer.
Investors have been pulled into various directions this week. On one hand, the Federal Reserve dedicated to make interest rates reduced for longer, which is good for businesses desiring to borrow money — and thus beneficial to the inventory sector.
However lower fees also suggest the central bank doesn’t expect a swift rebound back to normal, and that puts a damper on residual hopes for a V shaped recovery.
Meanwhile, Congress still hasn’t passed another fiscal stimulus package and Covid-19 infections are actually rising all over again across the world.
On a more technical note, Friday also marked what’s known as “quadruple witching,” which will be the simultaneous expiration of stock and index futures and options. It is able to spur volatility in the marketplace.